9911796707
TMI Blog2013 (12) TMI 761X X X X Extracts X X X X X X X X Extracts X X X X ..... Parag Vanijya Private Limited (the appellant) is a private company limited by shares duly registered under the Companies Act, 1956. Mr. Joyanta Majumdar and Mr. Gautam Ghosh were the promoter directors of the appellant company since incorporation. Due to change in management of the appellant company, Mr. Manish Dalmia and Mr. Girish Dalmia were appointed on May 03, 2010 as promoter directors of the appellant company. Thereafter, Mr. Joyanta Majumdar and Mr. Gautam Ghosh resigned from the Board on June 14, 2010. 3. Securities and Exchange Board of India (SEBI) received a reference from the Income Tax Department (ITD), containing certain findings in the matter of Murli Industries Limited (MIL). It was stated in the said reference that ten e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , ITD conducted survey under Section 133A of the Income Tax Act, 1961 at the premises of the dummy companies and found that the companies were not traceable at their given addresses. ITD also forwarded certain documents which indicated an agreement for manipulation of MIL share price and profit sharing between MIL promoters and Sanjay Dangi. The reference received from ITD suggested that the price of the MIL scrip was manipulated by the entities mentioned in the reference for the purpose of issuing Foreign Currency Convertible Bond (FCCB) at a higher price than what was the correct price. In the light of the aforesaid reference and documents received from the ITD regarding the manipulation in share price of MIL and the profit sharing arrang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her directions. From the bank statements of Ramji, Runicha, Ambaji, Kanhaiya and Inco it was observed that these companies had availed loans from SICOM Limited (SIMCO) to make the payments to "MIL" for conversion of the share warrants allotted to them. From the information furnished by the dummy companies, "MIL", bank transaction counterparties of dummy companies, etc. it was observed that many customers of "MIL" had given huge unsecured loans to the dummy companies immediately after their incorporation and even before these companies had set up any business infrastructure. In order to conduct a thorough investigation and in order to ascertain the exact role played by the various entities including the ten dummy companies and their sharehol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it by impugned order dated 28th February, 2013 for violation of the provisions of sections 11C(2) and 11C(3) of the SEBI Act, 1992. The said penalty has been imposed by the learned Adjudicating Officer under section 15A(a) of the SEBI Act. The learned counsel for the Appellant Mr. S.K. Jain submits that all the information which were at the disposal of the Appellant were provided to the Respondent. However, the other information which were within the public domain were neither required to be submitted nor published by the Appellant. 8. The learned counsel for the appellant further submits that the company cannot be held liable for the faults of the Directors, if any, in this regard. 9. Mr. Prateek Seksaria, learned counsel for the Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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